2007 Tax Information

Some important numbers from the IRS for the 2007 tax year.

Standard Deductions

• Single - $5,350
• Married Filing Joint - $10,700
• Head Of Household - $7,850
• Married Filing Separately - $5,350
• Additional amount if 65 or older - $1,050

Personal exemption - per taxpayer and dependant - $3,400

Tax Rates - Married Filing Jointly

• 10% on taxable income between $0 and $15,650
• 15% on taxable income between $15,650 and $63,700 plus $1,565
• 25% on taxable income between $63,700 and $128,500 plus $8,772.50
• 28% on taxable income between $128,500 and $198,850 plus $24,972.50
• 33% on taxable income between $198,850 and $349,700 plus $43,830.50
• 35% on taxable income over $349,700 plus $94,601

Tax Rates - Single

• 10% on taxable income between $0 and $7,825
• 15% on taxable income between $7,825 and $31,850 plus $782.50
• 25% on taxable income between $31,850 and $77,100 plus $4,386.25
• 28% on taxable income between $77,100 and $160,850 plus $15,698.75
• 33% on taxable income between $160,850 and 349,700 plus $39,148.75
• 35% on taxable income over $349,700 plus $101,469.25

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